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Ripple’s XRP is not only useful. It’s also green

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Most people don’t stop to think how green cryptocurrencies are. It’s more or less natural because coins that exist only as bits on the internet do not suggest any kind of obvious ecological impact in the real world. Before we talk about Ripple’s XRP, let’s take Bitcoin, mother of all coins, as an example. Is it green?

It uses more than $300,000 USD of electricity daily. According to some estimations, Bitcoin is burning as much energy as Ireland every year, and that’s just one-third of the whole cryptosphere. How does that happen?

Creating blocks for Bitcoin’s blockchain needs solving a complex mathematical problem called SHA-256 collision. This problem is so complex that normal personal computers can’t manage it fast enough to support the network. That’s why most serious miners use custom hardware to do this calculation. The computation is very processor-intensive, and that takes energy. A lot of energy. Every mining machine is at 100% every day, of every week, of every month.

That’s not everything. As time goes by, Bitcoin’s protocol is designed to do two things: to increase the SHA-256 calculation level of difficulty and to produce half as many coins per block. In the beginning, every new block produced 50 new bitcoins.

After two halvings in 9 years, blocks produce 12.5 coins right now and by May 2020, the number will go down to 6.25. If you put both things together, it means that as Bitcoin gets older, it takes a lot more energy to produce fewer and fewer blocks and coins. And the network is already sucking a huge amount of energy.

The idea behind the protocol is to ensure that bitcoins are not only limited but also scarce so that there is no inflationary pressure on the token.

Is it worth it, though? Well, it depends. From the point of view of keeping the Bitcoin network going, it’s 100% worth it. But if you’re a miner you need to profit from your activity and that depends greatly on the token’s price. According to some estimations, it takes $7,000.00 worth of electricity to produce a single Bitcoin, but that fluctuates widely depending on the country you live in because the cost of power is very different everywhere. But at Bitcoin’s current price (just above $4k), many miners around the world are taking losses. At least until the price goes over $7,000 again.

All this begs a question, can Bitcoin really become the future’s currency if it’s not green? And, if not, what other options do we have?

There’s good news in this regard. We have the blockchain 3.0. In many of these projects all tokens were pre-mined before they entered the market so the energy expenditure is not as high because it used just to keep the network’s nodes online; also because block production in these new blockchains is nowhere near as complex as it is in Bitcoin.

The poster boy currency when it comes to being green is probably Ripple because its consensus mechanism is relatively light and all the XRP tokens are in existence already. And this is not an “exotic” currency. Currently, it’s the world’s second coin by market capitalization and some bold observers believe that it’s the only coin that really has a chance to give Bitcoin a run for its money sometime in the future.

So you want to be in the cryptosphere and take care of your planet at the same time? Then Ripple’s XRP is a good option.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image Courtesy of Pixabay.

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VOLUM (VLM) Announces Commencement of Token Generation Event

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ESTONIA, May 4, 2019 – VOLUM (the “Company”), a multi-dimensional blockchain technology holding company, is thrilled to announce the commencement of the Volum (VLM) Token Generation Event (“TGE”) beginning on Saturday, May 4. The VLM utility token is the native cryptocurrency powering the VOLUM supply chain and logistics management platform.

Driven by algorithmically intelligent software tailored to logistics and supply chain management, along with Internet-of-Things (“IoT”) integrated functionality, and a backbone of hybrid public and consortium blockchain architecture, the platform is organized around the Volum (VLM) token. The VOLUM TGE will be managed by deploying ERC20 tokens on Ethereum Mainnet to maximize future access to cryptocurrency exchanges.

The VOLUM platform operates as a comprehensive control center for supply chain and logistics management operations. Companies who use this platform will be able to carry out a wide range of blockchain transactions including: Payments, Rewards, Purchase Orders, Legal Contracts, Regulatory Compliance, Taxation, Shipment Management, Letters of Origin, Customs Documents, Inputs/Outputs and Inventory Ordering, Delivery/Parcel Tracking, IoT Monitoring and Reporting, Big Data Analytics, and Inputs and End-Product Tracking/Traceability.

“The total addressable market for a blockchain-based supply chain solution is nearly $54 trillion globally, with the majority of the world’s workers playing some part of this equation” noted Arnaldo A. Detrés, CEO of Bengala Technologies, LLC, the principle blockchain developer working to build the VOLUM platform. “However, blockchain solutions have been unable to…

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How to Secure Yourself in Relation to Bitcoin: Top VPN Services

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Nowadays, more frequently people opt to use cryptocurrency such as Bitcoin while dealing with financial transactions for its convenience, so its increasing prevalence isn’t round-of-the-mill phenomenon but still, its users need to create fully protected cooltechzone to secure their data.

Recently, a great abundance of VPNs have started to accept it as a way of payment and it definitely makes sense: one buys VPN to retain anonymity on the Web, so why not to use the privacy-focused payment method? Paying for a VPN service with Bitcoins or any other cryptocurrency secures personal data from curious eyes leaving no traces.

What is a VPN?

Virtual Private Network (VPN) is generally presented by the group of linked to each other computers via the Internet. VPN boosts protection and provides a high level of anonymity to all types of Internet connections.

Security

While the connection to the ordinary Wi-Fi networks, a user usually gets access to the Internet directly, thus he becomes vulnerable to the hackers and the malware attempting to steal his personal data. On the other hand, applying VPN one transmits and gets data in encrypted form which makes it protected.

Anonymity

Generally, isn’t hard to trace an Ip-address of any user and to identify his location with sufficient accuracy. With the help of VPN, the attacker will only get the address of the removed computer. Undoubtedly, the safeguard…

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Is it legal to gamble in Bitcoin casino?

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Bitcoin entered the world in 2009 and immediately begun a revolution on the cryptocurrency market. Presently, there are more than 700 different digital currencies, but Bitcoin still remains the most used one. However, despite the large business activity around Bitcoin, there is still no international legal law to regulate it.

Key facts on Legality in Bitcoin casinos

Laws and obligations concerning online gambling legislation vary from country to country. There are many jurisdictions that can issue gambling licenses to online casinos. But, these licenses are issued only after the online casino business meets the requirements of the chosen jurisdiction.

The necessity of Gambling License for Bitcoin casinos

In order to make it clean and clear, a reliable online casino will obtain an online gambling license. Among other things, it allows running a legal activity and assures the casino operator’s trustworthy behavior, fair gaming policy and transparency in business operations and gaming software offered to customers. A representative of this kind of casino, such as FortuneJack for example, will have good reviews and reputation, and stable business that is constantly growing and expanding throughout the years. You can also feel the stability by checking the website, and important details such as casino withdrawal time and the number of games offered for playing, as you can examine on Fortunejack.

There is a difference between Bitcoin and Bitcoin gambling legality. There are countries…

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